The figures come after new warnings about the risk posed by the capital's overheating housing market to Britain's economic recovery.Read the full story ›
The increases will fuel the crisis in affordable housing, caused in part by demand outstripping supply. Bank of England governor Mark Carney warned yesterday another housing bubble could slow the economic recovery.
- Prices in London rose 16.3% over 12 months compared with 4.9% in the rest of the country
- In some boroughs the increase exceeded 20%
- Prices in Tower Hamlets, which includes Canary Wharf, rose by 43%
House prices in London are going up by a staggering £4,500 a month, according to a new survey. The figures come after new warnings about the risk posed by the capital's overheating housing market to Britain's economic recovery.
The latest House Price Index compiled by the website Rightmove graphically illustrates the surge in London property values.
Surveyors have reported that house sales have lifted to their strongest levels in six years.
The report, from the Royal Institution of Chartered Surveyors, comes with expectations that property prices are set to life even higher across the country.
However, there are also signs the pace of house price growth seen in London could cool later in the year.
Estate agents who market property in some of the most exclusive parts of London claim it's rising on average by more than £700 a day.
Marsh and Parsons' say that the average current price for three bedroom properties in 'Prime London' is £1,670,339.
They say that properties in their portfolio appreciated by 19% in the last year, fuelled by increasing interest from both foreign and British investors.
The Chief Executive of the Chartered Institute of Housing, Grania Long, has called for the government to urgently increase its housing building programme to stop parts of London becoming 'the preserve of the wealthy elite'.
The combined impact of high rents and local housing allowance reform means that poorer families are effectively being priced out of the private rented sector in some areas of London. My biggest concern is where they are ending up - social housing is at a premium across the capital...
It cannot be right that some areas of the capital are becoming the exclusive preserve of the wealthy elite or that people on lower incomes are simply unable to afford to live in the places where they work. Increasing the number of new homes we build is vital if we are to have any hope of sustaining mixed communities.
Poorer families are being priced out of London according to new research from the Chartered Institute of Housing.
In Kensington and Chelsea the number of people claiming housing benefit in the private rental sector has fallen by more than a quarter since March 2011. It has fallen by nearly a third in Westminster, according to figures released by the Department of Work and Pensions.
However the number of people claiming housing benefit across London has risen, especially claims from people who are working.
London prices have risen by 10.9%, according to latest Land Registry figures, the fastest rate since July 2010.
The average price of a home in the capital now stands at £409, 881.
The average 11.2% year-on-year increase in London took average prices to £541,313. Here are the prices for each London borough.Read the full story ›